What is Forex Trading? Basic Things You Need To Know

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Modupe Gbadeyanka Nigerian Stock Exchange (NSE) has announced lifting the suspension it place last week on trading in the shares of Equity Assurance Plc. Precisely on Wednesday, July 5, 2017, the stock market regulator suspended trading in the shares of the firm and 16 others for failing to submit their accounts as stipulated. Earlier this week, one of the affected companies, Sovereign Trust Insurance Plc, was pardoned after complying. A statement signed by Mr Godstime Iwenekhai, who is the Acting Head, Listings Regulation Department at the NSE, disclosed that the embargo on Equity Assurance shares was removed on Friday

By Modupe Gbadeyanka The Department of Petroleum Resources (DPR) has maintained that petroleum marketers in the country must submit daily stock records. In a statement, the agency regulating the industry said this is one of the statutory requirements to be adhered to by the fuel sellers. The DPR had requested licensed petrol stations to submit their daily transaction records, but the operators, through their group, the Independent Petroleum Marketers Association of Nigeria (IPMAN), threatened a strike action. They alleged that officials of the agency were using the means to extort them, describing the request for daily transaction records from filling

By Dipo Olowookere The Nigeria Employers Consultative Association (NECA) has expressed serious concern over the failure of the Central Bank of Nigeria (CBN) to comply with the Court of Appeal’s ruling in the matter between Kasmal International Services Limited and Access Bank and 23 others, by directing all Deposit Money Banks (DMB) to discontinue the illegal charging of N50 per transaction in lieu of Stamp Duties. NECA, umbrella body for employers in the country, noted that there has been a landmark ruling in the case at the Court of Appeal on this subject matter between Kasmal International Services Limited and

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has insisted that the country must be on the board of the yet-to-be-completed Dangote Petroleum Refinery in Lagos by acquiring a stake in the firm. Nigeria is planning to pay $2.76 billion for 20 per cent shareholding in the oil facility and the Group Managing Director of NNPC, Mr Mele Kyari, is justifying this deal. Addressing the House of Representatives Committee on Finance headed by Mr James Faleke in Abuja on Wednesday, Mr Kyari said it would be wrong to allow a private individual or entity to fully own a refinery

By Dipo Olowookere One hundred and nine workers at the Obajana Cement Company in Kogi State have been disengaged by Dangote Group. It was disclosed that the affected employees were sacked for various offences ranging from stealing of company’s properties, illegal haulage, others and involved some of the company’s drivers. According to Coordinator of the company’s Patrol Team, Mr Abdulahi Magaji, the fired workers are among 244 suspects arrested between May and November. He informed journalists on Tuesday at the firm’s premises that other 115 workers were being remanded in prison custody pending the determination of their cases. Mr Magaji

By Modupe Gbadeyanka No fewer than 250,000 direct and indirect jobs are expected to be created from the 32 metric-tonnes-per-hour capacity Imota Rice Mill located in the Ikorodu area of Lagos State when completed. Special Adviser to the Lagos State Governor on Agriculture, Ms Abisola Olusanya, who inspected the project on Thursday further said increased economic activity is also expected at Imota, Ikorodu and Lagos State in general. The aide to Governor Babajide Sanwo-Olu expressed satisfaction with the progress of work being done at the site. She said when completed, the mill would be the world’s fourth largest and the

By Modupe Gbadeyanka Barely three weeks after losing his lead vocalist, Mr Dipo Odebode Aderibigbewho, to death, Fuji giant, King Wasiu Ayinde Marshal popularly known as K1 De Ultimate, has lost another member of his band to the cold hands of death. This time, the popular musician lost his saxophonist, Mr Joel Ajayi, on Sunday, December 9, 2018. The latest development, as we heard, has left the All Progressives Congress (APC) chieftain very shattered. The deceased had fallen into coma nearly three weeks ago when his colleague gave up the ghost as a result of Hypotension commonĺy called Low Blood

By Dipo Olowookere On Wednesday, September 27, 2017, the Debt Management Office, on behalf of Federal Government, will auction N135 billion worth of bonds at the local market. A circular issued today (Tuesday) by the DMO said government would be offering N35 billion for the FGN JUL 2021 bond at 14.50 percent. In addition, the debt office is offering N50 billion for the FGN MAR 2027 at 16.2884 percent, while N50 billion is also being offered for the FGN APR 2037 at 16.2499 percent. However, the DMO said all offers are re-opening, and pointed out that for re-openings of previously